Why Bitcoin is glorified gambling
Firstly, I have finished my exams now and will be returning to my normal schedule. And secondly, tomorrow marks my blog’s 1 st birthday, it has been a brilliant year for sharing my take on economics with all of you and I am glad to say that it has been an enlightening journey writing this blog and I hope that it has provided a certain degree of educational value to all of you. Without further ado, let’s get onto today’s controversial topic, bitcoin. I will be discussing what bitcoin is, whether it should be considered a currency, how it has accumulated its value, and why it is volatile. Bitcoin is considered the “poster boy” for cryptocurrencies, this is on account of its large trading volume, price (at the time of writing this blog, (29/06) the price is £16,543) and fame. Bitcoin is considered by some, “the future of money”, this is because the “currency” itself is encrypted (hence “crypto”-currency) and completely online allowing for a reduction of frictional costs (the costs t